KeyCorp Cuts Celanese (NYSE:CE) Price Target to $124.00

Celanese (NYSE:CE) had its price objective reduced by KeyCorp from $125.00 to $124.00 in a research note released on Tuesday morning, BenzingaRatingsTable reports. KeyCorp currently has an overweight rating on the basic materials company’s stock. KeyCorp also issued estimates for Celanese’s Q2 2019 earnings at $2.35 EPS, FY2019 earnings at $10.20 EPS and FY2020 earnings at $11.40 EPS.

A number of other brokerages have also recently weighed in on CE. Barclays dropped their price target on shares of Waters from $218.00 to $210.00 and set an equal weight rating for the company in a research report on Wednesday, April 24th. Nomura lifted their price target on shares of Twitter from $31.00 to $33.00 and gave the company a neutral rating in a research report on Wednesday, April 24th. ValuEngine cut shares of Welbilt from a hold rating to a sell rating in a research report on Wednesday, June 12th. Robert W. Baird dropped their price target on shares of Waters from $211.00 to $209.00 and set a neutral rating for the company in a research report on Wednesday, April 24th. Finally, Deutsche Bank lifted their price objective on shares of Texas Instruments from $100.00 to $110.00 and gave the company a hold rating in a report on Wednesday, April 24th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Celanese has an average rating of Hold and a consensus price target of $117.75.

Shares of CE opened at $107.01 on Tuesday. Celanese has a 1-year low of $82.91 and a 1-year high of $119.29. The firm has a market capitalization of $13.34 billion, a PE ratio of 9.73, a PEG ratio of 1.03 and a beta of 1.42. The company’s 50-day moving average is $103.27. The company has a current ratio of 1.58, a quick ratio of 1.03 and a debt-to-equity ratio of 0.85.

Celanese (NYSE:CE) last announced its quarterly earnings results on Monday, April 22nd. The basic materials company reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.13. Celanese had a net margin of 16.89% and a return on equity of 39.76%. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the business earned $2.79 earnings per share. The business’s revenue for the quarter was down 8.9% on a year-over-year basis. Equities analysts forecast that Celanese will post 10.22 earnings per share for the current year.

In other Celanese news, Director John K. Wulff sold 9,175 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $108.32, for a total transaction of $993,836.00. Following the completion of the transaction, the director now owns 19,872 shares in the company, valued at approximately $2,152,535.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.57% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Advisors Asset Management Inc. lifted its holdings in Celanese by 8.7% in the fourth quarter. Advisors Asset Management Inc. now owns 17,674 shares of the basic materials company’s stock worth $1,590,000 after buying an additional 1,422 shares during the period. Northern Trust Corp lifted its holdings in shares of Celanese by 74.0% during the fourth quarter. Northern Trust Corp now owns 1,337,518 shares of the basic materials company’s stock valued at $120,336,000 after purchasing an additional 568,909 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Celanese by 103.2% during the fourth quarter. CIBC Asset Management Inc now owns 12,869 shares of the basic materials company’s stock valued at $1,158,000 after purchasing an additional 6,537 shares during the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of Celanese by 23.4% during the fourth quarter. Great West Life Assurance Co. Can now owns 82,585 shares of the basic materials company’s stock valued at $7,084,000 after purchasing an additional 15,638 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in shares of Celanese by 2.8% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 22,689 shares of the basic materials company’s stock valued at $2,041,000 after purchasing an additional 613 shares during the last quarter. Institutional investors own 97.19% of the company’s stock.

Celanese Company Profile

Celanese Corporation, a technology and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company operates through Engineered Materials, Acetate Tow, and Acetyl Chain segments. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics.

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